If you wanted to boost the value of U.S. cell and module manufacturing assets, filing a major trade case to impose heavy tariffs and minimum prices on imported solar products would be a good way to do it.
And according to documents filed as part of Suniva’s bankruptcy court proceedings, consultants working for the bankrupt solar cell and module maker are in conversations with companies who are looking to buy Suniva.
A November 27 invoice from Aurora Management Partners makes many mentions of such meetings and correspondences with parties who seek to acquire the company. Two Chinese PV makers are also named, including a mention of an interest letter by LONGi and conversations regarding Canadian Solar, but there is no definitive information that links either of these to a potential acquisition.
Suniva has confirmed that it has received several offers. “Suniva has received multiple expressions of interest from buying our products, to acquisition of assets or the company, to direct investment in Suniva,” reads a company statement. Suniva did not provide further details on any pending sale or investment process.
Unlike creditor SQN Capital’s earlier offer to the Chinese Chamber of Commerce for Import and Export of Machinery & Electronic Products (CCCME), it is unlikely that such a sale would stop the process of the Section 201 petition which Suniva filed this spring.
And it is unclear whether such acquisitions would result in a re-starting of Suniva’s U.S. business or merely the selling off of the company’s assets to the highest bidder. Suniva has maintained that it intends to re-start manufacturing following the imposition of trade action.
However, such a plan to restart manufacturing is required under the Section 201 process, and the May letter to CCCME shows that main creditor SQN Capital has sought other options to recoup its investment.
Update: This article was updated at 11:33 AM EST on December 1 to include a statement by Suniva.
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